US stocks ended higher on Friday, recovering from steep losses at the start of the week on ebbing fears of a recession hitting the world’s largest economy.
The Dow Jones Industrial Average closed 0.13 per cent higher at 39,497.54, while the S&P 500 jumped 0.47 per cent to 5,344.16. The Nasdaq Composite rose 0.5 per cent to 16,745.30.
Globally, Japan's Nikkei Index rose 0.56 per cent, while Hong Kong's Hang Seng index jumped 1.17 per cent. In Europe, the FTSE 100 Index rose 0.28 per cent.
Stock markets remained volatile during the week, with Wall Street posting its worst day since 2022 on Monday, on fears of a US recession, an unexpected interest rate increase in Japan and fears of a broadening of the Israel-Gaza war.
However, Wall Street recovered losses on Thursday, after new data on the US labour market calmed fears of a recession.
“The markets attempted once again to push stocks into an upward trajectory after a short-term decline fuelled by renewed recession fears in the US,” Rania Gule, senior market analyst at XS.com, said on Friday.
“Market flows have begun to return to normal somewhat, with indices trying to regain lost strength.”
A US labour market report on Thursday showed initial jobless claims were lower than expected, indicating fears of a recession were premature.
Initial claims fell to 233,000 for the week ending on August 3, the Labour Department reported, lower than the forecast of 241,000.
The report carried greater significance than it typically would after another report earlier in the month showed the unemployment rate had unexpectedly risen, with the US economy adding only 114,000 jobs in July, far below the expected 175,000.
That unnerved global markets, as investors feared the Federal Reserve had fallen behind the curve on cutting interest rates and that the economy could be on a prolonged downturn. Market volatility also spread to other markets in Europe, Asia and the Middle East.
“The lower initial unemployment numbers helped ease recent slowdown fears among investors” after earlier US employment data “spurred strong risk-avoidance in the markets”, Ms Gule said.
The US appears to be moving towards cutting interest rates after making progress in taming inflation.
Last month, the Federal Reserve chairman Jerome Powell said US central bank could cut interest rates as soon as September, nearly completing the Fed's policy cycle after leaving rates unchanged for almost a year.
“We’re getting closer to the point at which it’ll be appropriate to reduce our policy rate, but we’re not quite at that point,” he said.
He also acknowledged the “considerable progress” made in taming inflation, while also saying the labour market is continuing to move into balance.
“There is going to continue to be a significant amount of uncertainty and anxiety hanging over the market for the course of the next month until we get to the next Fed meeting,” Michael James, managing director of equity trading at Wedbush Securities in Los Angeles, told Reuters.
The market will be closely watching a new set of inflation numbers at the producer and consumer levels, scheduled for release next week that will further provide information on the trajectory of the US economy.
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Rating: 2.5/5
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
2019 Asian Cup final
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
'Nope'
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UAE currency: the story behind the money in your pockets
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
Global state-owned investor ranking by size
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Name: Colm McLoughlin
Country: Galway, Ireland
Job: Executive vice chairman and chief executive of Dubai Duty Free
Favourite golf course: Dubai Creek Golf and Yacht Club
Favourite part of Dubai: Palm Jumeirah
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UAE currency: the story behind the money in your pockets
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
8 UAE companies helping families reduce their carbon footprint
Greenheart Organic Farms
This Dubai company was one of the country’s first organic farms, set up in 2012, and it now delivers a wide array of fruits and vegetables grown regionally or in the UAE, as well as other grocery items, to both Dubai and Abu Dhabi doorsteps.
www.greenheartuae.com
Modibodi
Founded in Australia, Modibodi is now in the UAE with waste-free, reusable underwear that eliminates the litter created by a woman’s monthly cycle, which adds up to approximately 136kgs of sanitary waste over a lifetime.
www.modibodi.ae
The Good Karma Co
From brushes made of plant fibres to eco-friendly storage solutions, this company has planet-friendly alternatives to almost everything we need, including tin foil and toothbrushes.
www.instagram.com/thegoodkarmaco
Re:told
One Dubai boutique, Re:told, is taking second-hand garments and selling them on at a fraction of the price, helping to cut back on the hundreds of thousands of tonnes of clothes thrown into landfills each year.
www.shopretold.com
Lush
Lush provides products such as shampoo and conditioner as package-free bars with reusable tins to store.
www.mena.lush.com
Bubble Bro
Offering filtered, still and sparkling water on tap, Bubble Bro is attempting to ensure we don’t produce plastic or glass waste. Founded in 2017 by Adel Abu-Aysha, the company is on track to exceeding its target of saving one million bottles by the end of the year.
www.bubble-bro.com
Coethical
This company offers refillable, eco-friendly home cleaning and hygiene products that are all biodegradable, free of chemicals and certifiably not tested on animals.
www.instagram.com/coethical
Eggs & Soldiers
This bricks-and-mortar shop and e-store, founded by a Dubai mum-of-four, is the place to go for all manner of family products – from reusable cloth diapers to organic skincare and sustainable toys.
www.eggsnsoldiers.com
Killing of Qassem Suleimani
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
KILLING OF QASSEM SULEIMANI
Abu Dhabi Sustainability Week
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